EUR USD continues a series of gloomy trading days at low prices
Updated
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Today, the EUR/USD exchange rate has dropped below 1.0600 for the first time in several months, breaking through the important support level at 1.0630. With the price below that level, there is a possibility of further losses. The daily chart indicates that this currency pair is heading towards the range between 1.0510 and 1.0530, representing the lowest levels in February and March.
On the 4-hour chart, the support zone around 1.0560 could trigger a recovery. The levels of 1.0600 and 1.0630 have now become significant resistance levels. A decline below 1.0550 could lead to increased volatility and the potential for accelerated price declines.
Today, the EUR/USD exchange rate has dropped below 1.0600 for the first time in several months, breaking through the important support level at 1.0630. With the price below that level, there is a possibility of further losses. The daily chart indicates that this currency pair is heading towards the range between 1.0510 and 1.0530, representing the lowest levels in February and March.
On the 4-hour chart, the support zone around 1.0560 could trigger a recovery. The levels of 1.0600 and 1.0630 have now become significant resistance levels. A decline below 1.0550 could lead to increased volatility and the potential for accelerated price declines.
Note
Good luckNote
European Central Bank (ECB) President Christine Lagarde mentioned to lawmakers at the European Parliament that interest rates will remain elevated for as long as necessary to control inflation. However, her comments did not support the Euro, which slid to daily lows across the board following her testimony.Note
showing increased signsNote
Absent another negative shock for the Eurozone economy such as the price of Oil surging back above 100/barrel, we expect the pair to find it harder to break out below the bottom of the 1.0500 to 1.1000 trading range in the month ahead.Note
EU is falling as indicated, about to hit the trend lineNote
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